The increase in the film tax credit cap announced last October as part of Budget 2016 will come into effect on May 1st 2016. From this date, the eligible expenditure per project increases from €50m to €70m.
State Aid approval was required and this has now been received with the change now being signed into law by Minister Michael Noonan.
Speaking about this improvement, the Minister for Finance, Mr. Michael Noonan T.D. said: “The revised Film Tax Credit has supported Irish culture and art, and encourages our national film industry. The scheme will now provide companies who produce movies and TV shows with a payable tax credit.”
The credit is calculated project by project and from the 1st of May companies can claim against expenditure of up to €70 million.
Minister Noonan continued: “With this increased cap we will encourage the necessary investment in the provision of studio and other film production facilities. The Irish film industry has a large impact on our culture, our international reputation and recognition. The industry also provides jobs and educational opportunities for many. I look forward to seeing many more quality productions from filmmakers in Ireland who have benefitted from this incentive.”
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